Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-07-05-Speech-3-022"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2000-07-05"^^xsd:date2
dcterms:Is Part Of	lp_eu:ECB annual report2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20000705.2.3-022"2
lpv:hasSubsequent	lp_eu:2000-07-05-Speech-3-0232
lpv:speaker	lp:Karl von Wogau2
lpv:spokenAs	member; ECON (1999-07-21--2002-01-14)3 member; Delegation for relations with the Mashreq countries and the Gulf (1999-10-06--2002-01-14)3 unknown; Christlich Demokratische Union Deutschlands (1999-07-20--2004-07-19)3 member; EPP-ED (1999-07-20--2004-07-19)3 substitute; AFCO (1999-07-21--2002-01-14)3
lpv:translated text	"Mr President, Mr Duisenberg, ladies and gentlemen, first of all I would like to congratulate our rapporteur, Mr Radwan, on the excellent report he has presented here. And I would like to thank you, Mr Duisenberg, very sincerely for your report as President of the European Central Bank. The thing that has particularly agitated the public during the first 18 months of the euro’s existence has been the exchange rate against the dollar. The ECB itself eventually had to pay some attention to this question, because there started to be a risk that imported inflation would become a reality here in Europe. What caused this initial drop in the exchange rate? We have to recognise that the international financial markets noticed that we in Europe have been slow in tackling some of the structural reforms needed. Secondly, the euro is a new currency. A new currency has to win the confidence that other currencies already enjoy. Thirdly, there was a not inconsiderable gap between our interest rates and those in the United States, which meant that investors felt more inclined to invest in the United States than in Europe. It also has to be recognised that the ECB’s policy has very consistently been different from that of the US Federal Reserve Bank. In this case, the guidelines Mr Duisenberg has been operating under are not the same as Mr Greenspan’s. For example, in the United States the inflation rate has topped 3% in recent months, without the Federal Reserve Bank taking any special countermeasures. Over here, the upper limit is set at 2%, and for very good reasons. I would like to congratulate you, Mr Duisenberg, on having pursued a very consistent stability policy, and on having given a very clear signal when the ECB made its most recent decision on interest rates. You spoke just now about new technology, about the new economy. The objective of the European Central Bank will remain the same, even with the new economy, and that is to maintain price stability."@en1
lpv:unclassifiedMetadata	"(Applause)"1

Named graphs describing this resource:

The resource appears as object in 2 triples

Context graph